For the past two years, markets have treated AI as a semiconductor story. And honestly, that made sense. Chips are tangible, exciting, and sit at the glamorous end of the value chain where margins are fat and every earnings beat feels like confirmation of a new...
When oil prices spike, the market's first instinct is almost always the same. Buy energy producers. Sell airlines. Dust off the inflation playbook. Then pretend that understanding the direct effect is the same as understanding the whole story. It rarely is. The...
A few weeks ago, in The Middle East Build-Up: What Investors Must Think About Now, we argued that investors did not need to predict war, they needed to prepare for its consequences. The core view was simple. If the US and Iran moved toward open conflict, oil would...
There are periods in markets when everything feels orderly. Trends extend, volatility is contained, and investors begin to assume that tomorrow will look much like yesterday. Then there are periods of transition. 2026 feels like the latter. Not dramatic or...
There is a persistent habit in markets of extrapolating yesterday’s winners indefinitely into tomorrow. For the better part of two decades, the United States has dominated capital formation, technology listings, consumer brands and financial innovation. It became...
Over recent weeks investors have been overwhelmed by economic data that refuses to tell a coherent story. Growth appears acceptable, employment remains strong, hiring softens, wages rise, and confidence fluctuates. Depending on the framework applied, the same...
Over the past fortnight global equity markets have experienced a sharp and synchronised pullback. This week has added an important nuance. After the initial aggressive selloff, markets have not collapsed further, instead they have begun to oscillate. Large intra-day...
Markets almost never ring a bell at the bottom. They rarely turn because investors suddenly feel optimistic. They turn because someone with better information decides the price is wrong. That signal is not a rally. It is a takeover. We believe we are entering the...
There are moments in markets when the noise gets so loud that it becomes meaningless. Every data release is framed as decisive, every central bank utterance is dissected like scripture, and every price move is treated as either confirmation or catastrophe. Then there...
Financial markets rarely move in straight lines, but the past six years have been turbulent enough to make even seasoned investors question their intuition. We have lived through political upheaval, a global health crisis, dramatic swings in inflation, the sharpest...
A year end conversation with Ron Shamgar and Robert Swift, moderated by Darren Katz As 2025 draws to a close, I decided to approach our final newsletter with a different idea. Instead of another macro roundup or performance commentary, I invited our two investment...
Every December, as markets thin out and inboxes quieten, I perform a ritual that has become one of the most important parts of my investing year. I build my Christmas reading list. Not a list of holiday-fluff beach reads, and certainly not regurgitated investing...
